According to Rightmove, the largest increase was in the higher LTV tiers with five-year fixed rates at 95 per cent LTV increasing by 0.17 per cent to 5.81 per cent.
The two-year fixed rate at the same LTV tier has gone up by 0.14 per cent to 6.36 per cent.
Two-year fixed rates at 90 per cent LTV rose by around 0.13 per cent to 5.88 per cent, while five-year fixed rates at 90 per cent LTV increased by 0.08 per cent to 5.47 per cent.
The average two-year fixed rate at 75 per cent LTV has gone up by around 0.12 per cent to 5.58 per cent and five-year fixed rate increased by around 0.14 per cent to 5.19 per cent.
At 85 per cent LTV, two and five-year fixed rates have risen by 0.11 per cent to 5.72 per cent and 5.31 per cent respectively.
The average two-year fixed rate at 60 per cent LTV has gone up by 0.08 per cent to 5.41 per cent, while its five-year fixed rate equivalent has risen by 0.15 per cent to 5.05 per cent.
For a first-time buyer, the average monthly mortgage payment for an 85 per cent LTV mortgage rose by £160, which is up by £12 compared to last week. The rate has ticked up by 0.11 per cent to 5.31 per cent.
For a first-time buyer with a 60 per cent LTV mortgage, the average monthly mortgage payment is £798, up £12 a month compared to last week. The rate currently stands at 5.05 per cent, a rise of 0.22 per cent on the week prior.
Rightmove’s mortgage expert Matt Smith said: “Average rates continue to rise this week, and though they are now rising at a slower pace than last week, this is likely to come as little respite for those looking to take out a mortgage right now.
“Those who managed to secure a lower rate just weeks ago are likely to be doing all they can to accelerate their home purchase and use this lower rate in time.””
He continued: “Some buyers who can, may choose to wait and see what effect this week’s inflation news has on the mortgage market. This is likely to be more influential than the base rate decision in determining the direction of mortgage rates in the immediate term.”
Smith said that the mortgage market had already factored in a base rate rise of up to 0.5 per cent, so an increase on Thursday was “unlikely to have a negative impact on mortgage rates”.
“The number of people contacting estate agents about a home for sale is still higher than at this time in the last more normal housing market of 2019, meaning that right now, the data indicates that higher rates are not stopping many people from planning their move,” he added.
